CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

USD/CAD

Market Opportunities - 16/09/2021

16 September, 2021

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

USD/CAD Weekly downtrend opportunity based on 1.00 Lot Calculation:

  • EVENT: Monday, September 20 - Canada elections will be held on 20 September. Justin Trudeau's Liberal Party and Erin O'Toole's Conservative Party are in a tight race for first place. The Canadian dollar may take advantage of it as these two are mainstream political parties.
    Wednesday, September 22, 07:30 PM GMT+1 – The US Federal Reserve’s interest rate decision with an accompanying media conference of the Fed Chair Jerome Powell. After lower US CPI figures for August, released on Tuesday, September 14, investors expect that the Fed will not be in a hurry to reduce its massive bond-buying program.
  • The country has some of the world's highest vaccination rates of over 80%.

USD/CAD, September 16, 2021
Current Price: 1.2646

USD/CAD

Weekly

Trend Direction

DOWN

Resistance 3

1.2796

Resistance 2

1.2776

Resistance 1

1.2756

Support 1

1.2536

Support 2

1.2516

Support 3

1.2496

Example of calculation based on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-1,187

-1,029

-871

871

1,029

1,187

Profit or loss Short in €**

-1,008

-874

-739

739

874

1,008

Profit or loss Short in £**

-860

-745

-630

630

745

860

Profit or loss Short in C$**

-1,500

-1,300

-1,100

1,100

1,300

1,500

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 09:30 am (GMT+1) 16/9/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details

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